Project
Former Industrial Facility
Location
Denver, CO
Project Description
This approximately 37-acre industrial parcel is centrally located in Denver with excellent access to highways and rail service. The City of Denver desired to acquire the property from the Seller for a variety of municipal uses but was unable to do so because of environmental issues on the site.
Project Background
The site was used for more than 100 years for ore processing and manufacturing a variety of chemicals. In 2007, the Owner sought to relocate its operations in Denver. At the same time, Denver was required to consolidate a variety of municipal uses onto one site. This property was an ideal location for Denver’s consolidated uses.
Business Plan
IRG Bayaud acquired the site on an interim basis to perform certain remedial activities and subsequently transferred the property to Denver. Remedial activities included selective removal of waste materials, construction of a clean corridor and construction of a soil cap pursuant to a voluntary cleanup plan. The property was transferred to Denver. Denver subsequently located a number of municipal uses on the property include road maintenance, a police firing range and an animal shelter. IRG Bayaud and Denver received a national Brownfield Renewal Award and a USEPA Phoenix Award for the project in 2011.
The Solution
By developing and implementing a creative transaction structure, IRG Bayaud allowed both the Owner and Denver to achieve their goals; sale of the property, and development of an integrated municipal facility, respectively.
